Gists By Elon Musk’s, Tesla Now, Worth $630, Billion
One of the richest men in the world, Elon
Musk is smiling to the bank.
This comes after his company, Tesla
earned a staggering $630billion after its
quarterly profit surpassed $1billion for the
first time.
The financial milestone was announced
on Monday, July 26. The Palo Alto,
California, company earned $1.1billion, or
$1.02 per share, in the April-June period.
Tesla earned $1.45 a share in the latest
quarter, easily topping the 94 cents
expected by Wall Street analysts,
according to FactSet.
Tesla now boasts a market value of
roughly $630billion, far more than any
other automaker and 14 times more than
what the company was worth just two
years ago.
The company’s CEO, Elon Musk, is now
sitting on the world’s third-largest fortune
at an estimated $163billion, according to
Forbes magazine’s calculations.
In a Monday conference call, Musk said
Tesla keeps its manufacturing lines
running largely by finding chips from
alternate suppliers and then scrambling to
rewrite some of the software in its cars to
ensure all the technology remained
compatible. Although he said things
appear to be slightly approving, describing
the chip shortage as still being “quite
serious,” making it difficult to plan for the
second half of the year.
“The chip supply is a governing factor on
our output,” Musk said. “It is out of our
hands.”
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